German investor Real IS has acquired an office building in Lyon, France, on behalf of its open-ended BGV VIII EUROPA fund.
Financial details were not disclosed. The seller in the transaction was French investor Primopierre.
Completed in 2014, the asset named Hélio – which is located at Rue Domer 17-21 - comprises around 6,000 m2 of office, retail and archive space over six floors. The multi-tenant property is fully let. It is situated near the city centre in close vicinity to the Jean Mace public transportation hub.
Catherine Luithlen, president of Real IS France, said: ‘Having already bought a property in Paris this year, this acquisition in Lyon represents a further successful addition to our portfolio in France.
‘The contemporary office building is supplemented by retail space and fulfils all the criteria placed on an attractive investment property through its positioning on a stable and lucrative office market in Lyon.
Axel Schulz, global head of investment management at Real IS, said: ‘France’s real estate market continues to be one of the most attractive investment targets in Europe. The demand for office space in Lyon particular continues to run strong. Last year take-up was consistently above the five-year average.’
Real IS was advised in the deal by Ashurst, C&C Notaires with Drees & Sommer acting in a consultancy capacity. Primopierre was advised by Catella, on a co-exclusive mandate with JLL.